Sec. 111.4. Limitations on the disposition by a mutual holding company of stock of a subsidiary savings bank

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No mutual holding company may dispose of any interest in stock of a subsidiary savings bank except as provided in this section.
(a) A mutual holding company may sell stock of a subsidiary savings bank in a subsequent offering.
(b) A mutual holding company may pledge stock of a subsidiary savings bank to secure borrowings upon the receipt of the written approval of the superintendent so long as the terms of the pledge do not have the effect of causing a change of control of the stock savings bank.

                    
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